MyMoney Online, Personal Finance with Warren Ingram

Spock is not greedy – or fearful – when investing. Be like Spock. Here’s how…

Mr Spock (pixabay.com, 2019)

The Money Show’s Bruce Whitfield asked personal finance expert Warren Ingram for tips on successful investing.

Ingram gave the following advice:

Emotion (e.g. greed and fear) destroys wealth.

Mr Spock (a member of the Vulcan species in the Star Trek universe) would’ve rocked at investing.

Vulcans – utterly unencumbered by emotions - are the epitome of rationality.

They don’t get greedy, or fearful – and therefore wouldn’t “buy high” when the market is booming or “sell low” when it drops.

Don’t get complicated.

Investors are spoilt for choice.

The amount and complexity of “products” available are mindboggling.

You don’t have to make investments too complicated. You can keep it simple and do incredibly well by just maintaining your focus.

Warren Ingram, Personal Financial Advisor - Galileo Capital

Fees are extremely important.

Most small investors have no idea how much they’re paying in fees.

Nevertheless, fees eat away at wealth far more than most people realise.

I've never been to a braai where people discuss how they cut their investment costs by 0.2 percent. We get excited about our returns, or lack thereof, but fees are rarely discussed.

Warren Ingram, Personal Finance Advisor - Galileo Capital

Saving even 0.5% on your investment costs over, say, 10 years has a massive impact on your investment’s performance. That half a percent could be the difference between an OK retirement and an excellent one.

Warren Ingram, Personal Finance Advisor - Galileo Capital

Do the basics right. Ignore the noise.

Donald Trump’s trade war! The State Capturers' fightback! The weak economy! The rand is plummeting!

It’s mostly best to stay calm, keep your head down and ignore the racket.

I’m not saying these things are irrelevant. But a lot of it is simply nonsense.

Warren Ingram, Personal Finance Advisor - Galileo Capital

Set your goals and keep at your investment strategy.

Ignore the hype and noise. Make logical, rational decisions.

Warren Ingram, Personal Finance Advisor - Galileo Capital

In other words, be like Spock so you can live long and prosper.

For more detail, listen to the interview in the audio below.


Recommended

by NEWSROOM AI
Read More
Busloads of Nigerians arrive at OR Tambo to go back to their country

Busloads of Nigerians arrive at OR Tambo to go back to their country

Nigeria this week said it would repatriate 600 of its citizens. The first two busses arrived at OR Tambo on Wednesday morning.

Retiring in the next decade or so? Tips and tricks to apply, right now

Retiring in the next decade or so? Tips and tricks to apply, right now

Personal finance expert Warren Ingram discusses five things you should do right now if you're to retire in 10 years, or so.

Nando’s is the boss of Pick n Pay ('iNkukhu'),  says ad expert Andy Rice

Nando’s is the boss of Pick n Pay ('iNkukhu'), says ad expert Andy Rice

“Pick n Pay dug themselves a hole, then jumped into it,” says branding and advertising expert Andy Rice.

How to start your own small business without much money

How to start your own small business without much money

Valerie Pole started a business with R1000, turned a profit in six weeks and wrote a book about it.

Julius Malema (and the EFF) spent poor people’s stolen money - Pauli van Wyk

Julius Malema (and the EFF) spent poor people’s stolen money - Pauli van Wyk

They broke the law and spent money stolen from poor South Africans, investigations by Scorpio journalist Pauli van Wyk shows.

How much to save for retirement (a handy guide, and easy-to-use calculator)

How much to save for retirement (a handy guide, and easy-to-use calculator)

When saving for retirement; how much is enough? Here’s a quick guide. You might want to sit down for this.

Popular articles
'Duke and Duchess of Sussex visit highlights goodness of South Africa'

'Duke and Duchess of Sussex visit highlights goodness of South Africa'

Professor Pitika Ntuli weighs in on Prince Harry and Meghan Markle's tour of the country.

Audi Q8 'marries elegance and practicality', but it comes at a price

Audi Q8 'marries elegance and practicality', but it comes at a price

'Large and in-charge' - Motoring journalist Naresh Maharaj rates Audi's new luxury SUV offering.

4 things you should never say if you want to get rich

4 things you should never say if you want to get rich

Don’t ever say or, worse, believe any of these wealth-destroying platitudes, implores personal finance expert Warren Ingram.

Fraudsters are getting professional, scamming consumers with ingenious methods

Fraudsters are getting professional, scamming consumers with ingenious methods

“It makes all of us a target to fraudsters,” warns Manie van Schalkwyk of the South African Fraud Prevention Service.

'We have evidence that the EFF and Julius Malema took bribes for tenders'

'We have evidence that the EFF and Julius Malema took bribes for tenders'

Arabile Gumede interviews Stefaans Brummer, a journalist at the amaBhungane Centre for Investigative Journalism.

46 women rescued in Joburg sex trafficking raid

46 women rescued in Joburg sex trafficking raid

An expert on human trafficking explains how the syndicate operates and how women are lured into dens.